The recent price fall witnessed in the crypto markets has not stopped investors from injecting funds into Bitcoin spot exchange-traded funds (ETFs). Data from Farside indicates that Bitcoin ETFs have recorded over $1.2 billion in net inflows since the start of the week.
In a Fox Business interview on Tuesday, BlackRock boss Larry Sink said the performance of Bitcoin spot ETFs had surprised him. He added that he was bullish on Bitcoin’s future.
Meanwhile, CryptoQuant’s weekly cryptocurrency report shows that the demand for Bitcoin has skyrocketed to “213K Bitcoin from 40K Bitcoin in January. The on-chain analytics company argues that the growing demand could cause a “sell-side liquidity crisis” in the next 12 months.
As Bitcoin continues to recover from last week’s fall, which resistance levels should we monitor? Let’s explore the price charts to find out.
Bitcoin Price Analysis
Although BTC came under selling pressure on March 27th, the bulls have still managed to keep the coin above the pennant formation. The largest digital currency by market valuation is now valued at $70,284. The good news is that the 20-day Exponential Moving Average of $67,102 is turning up. Moreover, the Relative Strength Index (60.82) favors an upward move.
That said, a sustained rally above $73,692 could help BTC hit $80,000 for the first time. On the negative side, if $67,102 crumbles, a price fall to the 50-day Simple Moving Average of $60,573 is a possibility.
Ethereum Price Analysis
The bulls are still struggling to push Ethereum above $3,670. However, they have defended the support at the 20-day Exponential Moving Average of $3,536 over the last few days. If a break above $3,670 happens, the chances of a surge to $4,203 will increase massively. If the rally occurs and $4,203 breaks, we might see ETH moving toward $4,600 and later to $4,860. On the contrary, a fall to the 50-day Simple Moving Average of $3,312 is likely if $3,536 is not protected.
BNB Price Analysis
After defending the tough resistance at $589.53 since the start of the week, the bears have finally let go, allowing the bulls to drive BNB to $619.20 as of this writing. If the token stays above $605, the likelihood of a rally to $650 increases. Conversely, if BNB reverses and drops below $589.53, it might slide further to find support at the 20-day Exponential Moving Average of $545.23. However, if this support doesn’t hold, the fourth-largest digital asset by market cap could plummet to $490.
Solana Price Analysis
There is a lack of demand above the $197 resistance level. This explains why the bulls have struggled to keep Solana above that price. The token is now valued at $189.89. If it crosses above $197, it’s likely to break the minor barrier at $205.50 to rally to $265, where the bears will be waiting to mount selling pressure.
On the other hand, a possible price depreciation to the 50-day Simple Moving Average of $139 may occur if the bears drag Solana below the 20-day Exponential Moving Average of $172.70.
Dogecoin Price Analysis
As other top-10 cryptocurrencies struggle to go above key resistance levels, Dogecoin has crashed several obstacles to trade at a level it hadn’t seen since December 2021. The number one meme coin is currently priced at $0.2157. DOGE started rallying earlier this week when Grok, X’s artificial intelligence chatbot, informed some users that the social media platform will soon facilitate crypto payments. Grok did not mention Dogecoin, but given the support that X owner Elon Musk has shown to the meme coin, many anticipate that the platform will settle for DOGE to facilitate transactions.
That said, the meme coin could hit $0.3072 if it crosses above the $0.2319 minor resistance. On the negative side, Dogecoin might touch the support at $0.1603 if $0.1972 crumbles.
Avalanche Price Analysis
AVAX is trading inside a pennant, suggesting that the buyers and sellers are indecisive. A break above the pennant pattern could cause a rally to $75, while a break below that pattern makes a fall to $45 possible.
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